We couldn’t be more excited to double down on our partnership with Spare. Our journey together began in 2021 when we led the Series A. Since then, it has been a pleasure to see Kristoffer, Josh, Alexey, and the entire team grow, empower over 15 million rides globally and ultimately execute on their mission to unlock the potential of mobility for everyone.
In many ways, it feels like we are still on day one, with massive growth opportunities ahead to move transit operators from a legacy infrastructure to a modern one. Spare is building this new infrastructure and leveraging it to enable new services and ride experiences that people love, bring more connectivity to underserved regions and demographics, drive down costs and enable customers to execute their digital transformation agenda.
On the demand side, a few drivers are accelerating and shaping the need for more flexible, affordable and accessible transit services – including an aging population, polarization of income distribution, regulatory tailwinds and a supercycle in AI that is starting to propagate from the private to the public sector.
Perhaps most exciting for us is witnessing first-hand the momentum and movement around Spare’s brand. Customers trust Spare to run their entire operations and see them as a partner to execute on their own vision for the future.
Spare is setting the pace of innovation in the industry. Its ability to attract great talent and build a culture centered around its vision and product DNA is truly impressive. This strong foundation should continue to widen the gap relative to competitors.
We’re thrilled to back the team as it enters this next phase of growth and continues to shape the future of mobility.